The OpenUSD (OUSD) stablecoin, promoted by Open Standard, announced the establishment of a global stablecoin alliance, releasing a list of over 140 partner institutions. However, after the list was published, Samsung Electronics immediately responded to Korean media, stating that "the company never agreed to become an alliance member, nor has it completed any official cooperation procedures." Dunamu stated that communication between the two parties was limited to information exchange and that no cooperation agreement was signed.
Samsung Electronics Statement: Never Agreed to Join the Alliance, Inclusion on the List Came as a "Surprise"
In response to inquiries from Korean media, Samsung Electronics stated that the company never completed formal negotiations with Open Standard and never agreed to become a member of the OpenUSD alliance. Samsung said that the inclusion of its name on the partner list came as a "surprise" to the company. Samsung Electronics' statement is one of the clearest denials in this controversy and is the most publicly recognized company among the 140 institutions to make its position known.
Dunamu and Multiple Korean Financial Institutions' Statements: Information Exchange and Proposal Reception Do Not Constitute Formal Cooperation
Dunamu (parent company of Upbit) stated that it had received a cooperation proposal from Open Standard, but the exchange was limited to information sharing, with no cooperation agreement signed and no membership in the OpenUSD alliance. Dunamu emphasized that all cooperation cases must go through a complete internal evaluation and decision-making process, and no decision to participate has been made at this stage.
In addition to Dunamu, several Korean financial institutions including K Bank, Shinhan Financial Group, KB Kookmin Card, Hyundai Card, and BC Card also stated that they had only received cooperation invitations from Open Standard or had participated in preliminary briefings. However, some companies indicated that they have not yet decided whether to participate and have not authorized the public use of their company names.
Issues with Open Standard's Partner Definition: Confusion Between Briefing Participation, Invitation Reception, and Formal Signing
According to various foreign media reports, the actual level of participation among the 140 institutions on the list is inconsistent:
Companies that have formally signed contracts: The number and identities have not been officially disclosed.
Companies that only participated in briefings or initial exchanges: Samsung Electronics and others fall into this category.
Companies that only received cooperation proposals or invitations: Dunamu and several Korean financial institutions fall into this category.
Companies that did not authorize public listing: Samsung Electronics, K Bank, Hyundai Card, etc., have explicitly stated this.
Since Open Standard has not clearly distinguished between the above categories, it is difficult for outsiders to determine the actual level of participation of each company on the list, casting doubt on the credibility of the partner list in the market.
Frequently Asked Questions
What is OpenUSD (OUSD) and what is the scale of this alliance announcement?
OpenUSD (OUSD) is a US dollar stablecoin promoted by Open Standard, positioned as an open stablecoin infrastructure. Related products are expected to launch later in 2026. The announced global stablecoin alliance list includes over 140 institutions, including international companies such as Visa, Mastercard, Stripe, Google, and BlackRock, as well as several major Korean financial and technology companies. The alliance is designed with a joint governance structure, where members share revenue from stablecoin reserve assets.
Why did Samsung Electronics and Dunamu deny joining the OpenUSD alliance?
Samsung Electronics stated that it never agreed to become an alliance member and never completed any official cooperation procedures. Dunamu stated that the exchange between the two parties was limited to information sharing and no agreement was signed. Several Korean financial institutions also stated that they only received cooperation invitations or participated in preliminary briefings but did not complete formal confirmation procedures. Each company indicated that they did not authorize Open Standard to publicly list them as partners.
What information about OpenUSD's governance structure has not yet been disclosed?
According to reports, Open Standard has not yet disclosed the board composition, voting rights allocation, member entry and exit mechanisms, or the roles and responsibilities of each member in the decision-making process of the OUSD alliance. The official statement only mentioned a joint governance structure for the alliance and that members would share revenue from reserve assets, but the full governance details have not been released to the public.
